How do you find renters?

[Margaret Nagel]

Hello, First time poster, real estate investor. What method works best for finding potential renters and what do you require for move in....First, Last, & Security? I’m in the greater Seattle area and this seems like a lot of money up front? Thank you!

[Account Closed]

Margaret, everything depends on what kind of property you're renting. If you're renting out a class C-D property, you'll want to market on Craigslist, and require first month's rent + security deposit equal to 1 month's rent or more (check your local restrictions for SD amounts allowed). Set your application fee to cover your costs and time to process them, and have applying be the first step. 

If you have a class A-B property (new build or renovated completely in the last five years), you're going to want to advertise on Hotpads, this is a rental friendly site owned by Zillow, and once posted on there it will automatically send your listing to Zillow and Trulia. Make sure your property is adequately priced, you should not be receiving thousands of inquiries, that is an indicator that you're priced too low for the market. With this rental, you'll still want to take first month's rent and a security deposit equal to one month's rent. I also charge a non-refundable cleaning fee from $350-$500 at move in so they aren't responsible for deep cleaning the unit at move out, I send a professional crew in. This does not include pet fees if you choose to accept pets. 

Receiving high rents and quality tenants start with your listing, so make sure it's professional, informative, and touches on all of the selling points of your rental. 

Good luck!